Greece Has A New Factor Preventing It From Recovering

Sometimes people talk positively about the prospect of a Greek Eurozone exit, pointing out that Argentina bounced back relatively quickly once it ripped the bandaid off. This is dubious for multiple reasons, but one advantage that Argentina has had is an abundance of natural resources, and proximity to booming markets like Brazil, and exports to China.

Greece is in the exact opposite spot, as trade is slowing everywhere without the prospect of a major boom from anyone nearby anytime soon.

Today's Greek PMI was dismal, but beyond that, note that export orders are now in an accelerated mode of collapse, hitting their lowest numbers since the economic crisis in 2009.